Stock Market HIGHLIGHTS: Sensex, Nifty stage dramatic pull back after Japanese monetary policy tweak – Zee Business

Stock Market Today HIGHLIGHTS: In a spirited fightback, Dalal Street recovered from an intraday crash to end the day with marginal losses. The Bank of Japan’s decision to widen bond yield target range came as shock for Asian markets including India’s S&P BSE Sensex and NSE Nifty50. The 30-stock Sensex ended at 61,702.29, down 103.90 points or 0.17 per cent while the broader market Nifty50 closed at 18,385.30, down 35.15 points or 0.19 per cent. Banking gauge Nifty Bank finished 54 points or 0.12 per cent lower at 43,359.50. The intraday low was 42,955.
Here are key takeaways from the day’s action: 
1) Sensex fell nearly 700 points in the intraday trade while Nifty50 nearly 220 points. 
2) In the 50-stock Nifty50, 39 stocks declined. The top gainers were Adani Enterprises, TCS, Reliance Industries, Axis Bank and Indusind Bank while top losers were SBI Life, Eicher Motors, UPL, Tata Motors and Hindustan Unilever.
3) All 15 Nifty Sectoral indices ended today’s session in the red. Nifty PSU Bank (-1.57 per cent), Nifty Auto (-1.52 per cent) and Nifty Realty (-1.44 per cent) were the worst performers in the pack.
4) India VIX, a measure of volatility in Nifty was up 5.44 per cent at 14.99.
5) Selling pressure was seen in in broader markets too. Nifty Mid Cap 100 and Nifty Small Cap 100 ended down 0.87 and 0.75 per cent respectively. In the 100-stock Mid Cap 100, 40 stocks advanced, 59 declined and 1 remained unchanged. Max Health, IPCA Lab and Cummins India were top gainers while Godrej Properties, Bank of India and MFSL were top losers. In the latter, 34 stocks advanced 64 declined and two remained unchanged. Chemplast Sanmar, Balrampur Chini and IIFL while Deepak Fertilizers and Angel One were biggest losers.
6) Out of the 3,657 stocks that traded on BSE on Tuesday, 1,672 stocks advanced, 1850 declined while 135 remained unchanged. 133 stocks hit their 52-week highs while 32 hit their 52-week lows.
7) The rupee depreciated 13 paise to settle at 82.75 (provisional) against the US dollar on Tuesday as investors turned cautious in view of a negative trend in domestic equities and rising crude prices in the global markets. Besides, renewed forex outflows and a waning appetite for riskier assets also dragged down the local unit, forex dealers said. However, a sharp decline in the greenback against major rivals overseas restricted the rupee’s loss, they added. At the interbank forex market, the local unit opened weak at 82.69 against the greenback and witnessed an intra-day high of 82.69 and a low of 82.88. It finally ended at 82.75 against the American currency, a decline of 13 paise over its previous close of 82.62. PTI
8) Singapore-based SGX Nifty was trading in the red and was down 61 points or 0.33 per cent at 18,426 while Dow futures were trading at 32,733.10, down 24 or 0.07 per cent. 
9) It was day-2 for KFin Technologies IPO. The issue is subscribed 0.36 times by retail investors with overall subscription standing at 0.12 times. Elin Electronics IPO opened today. The issue was overall subscribed 0.17 times with retail portion subscribed 0.27 times at the time of filing this report. 
10) MCX February Gold and March Silver futures were trading with strength. While the former was up by Rs 467 per 10 gram, the latter was higher by Rs 1500 per kg. 
Catch all the updates from the stock markets here. For all other news related to business, politics, sports, tech, auto and others visit Zeebiz.com.
Indian aviation industry has received a much-needed shot-in-the-arm with 11.1 per cent year-on-year jump in domestic passage traffic in November. On the month-on-month basis the rise was a steady 2.4 per cent.  
Brokerage firm Sharekhan has initiated coverage on InterGlobe Aviation (Indigo) with ‘Buy’ and DCF (Discounted Cash Flow)-based March-24 target price of Rs 2,560. 
The stock was trading at Rs 2,063.20 on the NSE at around 2 pm on Tuesday and was up by Rs 36.10 or 1.78 per cent. 
While Indigo’s market share should cool down from the current highs of 57 per cent as Tata Group ramps up and other smaller/new players also add capacity, it would remain in the formidable 47 per cent range in the long term, the brokerage firm noted. 
Read More: Domestic aviation industry buoyed by 11% YoY growth in passenger traffic in November: Sharekhan recommends ‘Buy’ on InterGlobe aviation
Stock Market Today – 
 

 
 

 

Markets LIVE: Sensex, Nifty crash 1% each intraday: 5 reasons behind today’s downfall
Indian Stock Market News Today: Bank of Japan’s decision to widen yield target range did not go down well with Asian stock markets as frontline indices across geographies crashed on Tuesday. The Indian stock market story was no different as S&P BSE Sensex and NSE Nifty50 tumbled on this news. Sensex was trading at 61,243.93 and was down 562.26 points or 0.91 per cent while Nifty50 was trading over 172 point or 0.94 per cent lower at 18,247.90. Banking gauge Nifty Bank was trading at 43,083.75. 

Stocks in News – IRB Infrastructure
IRB Infrastructure Developers Limited shares gained on Tuesday on news of stock split. The stock was trading at Rs 316.55 on the NSE around 10 am, up 1.20 per cent from the Monday closing price.  
The IRB Infrastructure company board will meet on 4 January, 2023, to consider a proposal for alteration in the share capital of the company by sub-division/split of existing equity shares having face value of Rs 10 per share, the company said in its filing to the exchanges.
Market expert Mudit Goyal recommended a buy in this stock citing a favourable chart structure and an upward momentum. He said that the consolidation in this stock after a five-day rally is a healthy signal. He expects an upside move in this stock and puts a target price between Rs 340 and Rs 360.
Existing investors can hold this stock, he added. Investors can look to make fresh positions if the stock corrects to levels around Rs 305.   
Read More: IRB Infrastructure shares gain on stock split news: Buy, sell or hold?

Source: NSE
On Monday, US markets settled with negative bias, witnessing their fourth decline since the announcement of Fed policy. Selling pressure was seen on Wall Street with Nasdaq Composite ending up as the worst performer. It fell 1.5 per cent. Technology stocks like Meta Platforms, Alphabet, Apple and Microsoft Corporation were the top losers. Meanwhile, Dow 30 and S&P 500 fell by 163 and 35 points respectively. 
 Source: Comex

Nomura on JSW Steel (CMP: 749) 
Maintain Reduce, Target 570 
Dolvi operations demonstrate significant efficiency of operations 
Efficient use of land in Dolvi, additional acquisition in progress 
Opertational improvements at Dolvi will lead to additional cost savings 
Jefferies on Telcos 
In oct, sector’s active sub base grew 2.9m led by Jio 
4G Sub additions increase by 5 Million, Led by Bharti 
Current trends bode well for tariff & Growth Outlook 
Monthly MNP requests remained elevated at near-peak levels 
Bake in 3 tariff hikes of 10% each during Q4FY23, Q4FY24 & Q4FY25 
– Jefferies on Reliance Ind (CMP: 2599) 
Maintain Buy, Target 3100 
– Jefferies on Bharti Airtel (CMP: 840) 
Maintain Hold, Target 855 
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
In today’s edition of Traders Diary, Zee Business research team brings its exclusive research on 20 stocks that investors and traders can refer to while making their strategies in them. The research team of Research Analyst Ashish Chaturvedi and Varun Dubey recommends a buy, sell or hold strategy in cash stocks, futures and give their best picks for today.
Read More: Traders Diary on 20 stocks: Buy, Sell or Hold strategy on Vedanta, Hindalco, MOIL, Tata Steel, others
 
F&O Ban Update:
Already In Ban: Balrampur Chini, IRCTC, PNB, GNFC, BHEL, Delta Corp, IB Housing Fin
New In Ban: Nil
Out Of Ban: Nil
Indian markets are likely to see a range bound movement on Tuesday and the situation is favourable for buying on dips, Zee Business Managing Editor Anil Singhvi said. He said that there are not enough indicators from the global markets as year-end holiday season begins. Amid negative global markets, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Tuesday, December 20, 2022.
Read More: Anil Singhvi’s Strategy December 20: Day support zone on Nifty is 18350-18400 & Bank Nifty is 43225-43300
 

“The dollar index was at 104.75 level while the US 10 year yield at 3.60% as FED speakers were hawkish on their comments on rise in interest rates to control inflation. Brent oil rose to $ 80.73 as Chinese Demand outstripped recession fears,” Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors LLP. 
“The Dow fell for a fourth consecutive  day and SGX nifty was down by 50 points after rising yesterday. Asian currencies were generally  on the gaining side except Chinese Yuan which was lower at 6.98 levels,” Bhansali said.
“Indian rupee may open slightly higher at 82.65 levels after closing yesterday at 82.70 levels and remain within a range of 82.40 to 82.90 as lower volumes drive the market,” he added.
“Exporters may continue to sell near to 82.90 levels while importers may also continue to buy dips for near term payables. Premiums for 1 year rose to 2.11% from a low of 1.62%,” he further said.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
 
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